The hardware looks, eh, kinda interesting. The air intakes on the "Pro" sounds really lame. And the things looks atrocious from the sides. iPad 2/3 looks more sleek with it's rounded corners.
The smart keyboard thing looks interesting at first glance. A couple problems though. One, we've already seen the cool magnetized cover thing, from Apple two years ago. Microsoft copying that is pretty brazen and reactive, almost Samsung-ish. Two, the low end keyboard is going to suck, no doubt about it. It's like those $1.99 waterproof membrane keyboards which are a nightmare to use. Only the high end one might actually be decent to use. However the big problem is, these cases are useless unless you use the Surface on a, uh, surface like a desk. There is no way you can use the hardware keyboard with this thing on your lap, the width of the keyboard, plus the width of the Surface with the kickstand just won't work, nor be stable enough. Apple's smart cover is actually usable in a relaxed position. Microsoft had that lounge chair and table setup on stage but did they actually use it? I remember Steve up on stage when Apple announced the original iPad and actually demonstrated how easy and fun the iPad was to use in a relaxed position.
Face it, the software is going to suck ass compared to iOS. No one seems to be talking about how this still runs windows, and even hardcore windows fanboys think Windows 8 is horrible.
No price, release date, specs. Maybe Microsoft thinks they can freeze a market by announcing products early like they could 15 years ago. I don't think they can, at best they will kill off some of their own "partners" while iPad's eat up more market share.
iOS6 will probably be out before this tablet ships, and iPad will be mid-cycle with the iPad 4 out a few months after the launch. That doesn't give Microsoft much room to get a foothold.
That said, these things will probably take a (massively distant) second place in the tablet market. I hope Google has something utterly amazing for Google IO, otherwise the Android tablet market is as good as dead.
